This week, one cannot help but raise an eyebrow-or perhaps both-at the audacious antics of the Ethereum Foundation, which, my dear reader, chose to transmute the metaphorical lead of 1,000 ether into the glittering gold of stablecoins through the convoluted ritual of Cowswap. Ah, research, development, grants! Clearly a triumvirate worthy of the gods! 💰
Ethereum Foundation’s Revelrous Transformation of $4.46M ETH into Stablecoins!
On Friday-a day no less mundane than any other-the illustrious Ethereum Foundation (EF), that non-profit beacon of hope nestled away in Zug, Switzerland, sauntered forward to disclose its audacious maneuvers. They have casually transformed 1,000 ETH, valued at a staggering $4.46 million, into stablecoins! Yes, dear readers, you heard it right! “Today,” the foundation proclaimed, as if it were announcing a new season of a soap opera, “we will convert 1,000 ETH to stablecoins via Cowswap’s TWAP feature, just to remind you of our blatant existence in the world of R&D, grants, and donations!”
Ah, the EF, the financial backbone of all things Ethereum, funds those heroic dev teams bravely laboring away, trying to keep the clunky machine of the network from collapsing into a heap of binary dust. As of the 4th of October, this insatiable non-profit sits on the brink of a billion-dollar hoard-approximately $934 million by current crypto exchange rates, not exactly pocket change for the caffeine-fueled devs! 🍵 Data unveils that our beloved EF clutches about 187,079 ETH, valued at-hold your horses-approximately $835.46 million, a sum that represents a ludicrous 89.47% of their total net worth.
The treasure chest of the EF scintillates further with 21,017 wrapped ether (WETH)-worth about $93.56 million. Oh, what a tangled web they weave! Put together, this wriggling mass forms an impressive 99.47% of its vast fortune. But wait! There’s more! 🎊 The brilliant minds at Arkham additionally inform us of $4.51 million in DAI-a bundle that is rather conveniently traced back to their recent 1,000 ETH swap for the elusive Sky-branded stablecoin. So, it seems they were already juggling fire before the grand Cowswap performance.
Just four days prior to their grand trade, the EF orchestrated the transfer of a staggering 600,000 DAI from a Gnosis Safe wallet into their treasure trove, with about 585,000 DAI wiggling its way to a Coinbase deposit address, and another 10,000 DAI sneaking off into the unmarked shadows of an untagged wallet. Who would believe they are not masters of the financial ballet? Onchain detectives can verify this dance of coins, with each movement precise and calculated, reminiscent perhaps of a Tolstoyan character seeking redemption in dodgy transactions.
Whether in the form of ETH, WETH, or that dazzling new stack of DAI, the Foundation’s latest escapades illustrate that they are not merely sculpting the future of finance; they are distinctly funding it with panache, or as they so artistically stated, “highlighting the power of DeFi.” Indeed, with a flourish and a wink, they embrace the absurdity of it all! 😂
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2025-10-04 22:43